Come Together: Firm Boundaries and Delegation

We develop an incomplete-contracts model to jointly study firm boundaries and the al-location of decision rights within them. Integration has an option value: it gives firm owners authority to delegate or centralize decision rights, depending on who can best solve problems that may arise in the我们构建了一个不完全契约模型（incomplete-contracts model），用以联合研究企业边界及其内部的决策权配置。企业整合具备期权价值：该整合赋予企业所有者决策权，使其可根据能最优解决届时可能出现的各类问题的主体，自主选择下放或集中决策权。